盈余管理与股票市场流动性风险：溢出效应、经济后果与治理逻辑

This project aims at utilizing Communication, System Dynamics, Econometrics and Accounting Theory to explore the impact effect of earnings management on stock market liquidity risk spillover effect and its evolution and governance mechanism. Specific include: first, by referring to power, diffusion exciter and economic consequences, the project constructs earnings management on the stock market liquidity risk spillovers "Kinetic Energy - Potential Energy - Efficiency" three-dimensional extension of the analytical framework. Second, from the perspective of system dynamics, the project reveals the positive and negative feedback relations among the driven generator of earnings management spillover effect, dynamic excitation transmission and liquidity risk. Third, by using econometric model, the project does empirical test on the earnings management of the stock market liquidity risk spillover effect power, path and economic consequences. At last, according to the earnings management of the stock market liquidity risk spillover effect, the project establishes a "kinetic energy - potential energy" integrated monitoring system and "government - market" equilibrium Governance Paradigm based on "structure - factor" decoupling, by using signaling theory and risk monitoring theory. Through the research, the projects uses methods as top-level design, analog simulation, empirical test, gradually uncovers the motivation and the evolution of earnings management on stock market liquidity risk spillovers and new approach to perfect earnings management governance and stock market liquidity risk prudential regulation theory, effectively avoid investment risks and prevent the stock market liquidity crisis.

课题旨在运用传播学、系统动力学、计量经济学、会计学理论，探讨盈余管理对股票市场流动性风险溢出效应的演进、冲击与治理机制。具体包括：构建盈余管理对股票市场流动性风险溢出效应的“动能-势能-效能”三维扩展性分析框架，科学刻画其动力、扩散激发器和经济后果；从系统动力学角度仿真揭示盈余管理溢出效应驱动生成-动态激发传染-流动性风险之间正负反馈关系；运用计量经济学模型，实证检验盈余管理对股票市场流动性风险的溢出效应动力、路径和经济后果；运用信号理论和风险监控理论，针对盈余管理对流动性风险溢出效应，建立“动能-势能”二维综合监控系统和基于“结构-要素”解耦的“政府-市场”均衡治理范式。通过课题研究，采用顶层设计、模拟仿真和实证检验等方法，探索盈余管理对股票市场流动性风险溢出效应的动力机制及演进规律，为完善盈余管理治理理论、有效规避投资者投资风险、防范股票市场流动性危机等提供新思路和新方法。

课题旨在运用传播学、系统动力学、计量经济学、会计学理论，探讨盈余管理对股票市场流动性风险溢出效应的演进、冲击与治理机制。具体包括：构建盈余管理对股票市场流动性风险溢出效应的“动能-势能-效能”三维扩展性分析框架，科学刻画其动力、扩散激发器和经济后果；从系统动力学角度仿真揭示盈余管理溢出效应驱动生成-动态激发传染-流动性风险之间正负反馈关系；运用计量经济学模型，实证检验盈余管理对股票市场流动性风险的溢出效应动力、路径和经济后果；运用信号理论和风险监控理论，针对盈余管理对流动性风险溢出效应，建立“动能-势能”二维综合监控系统和基于“结构-要素”解耦的“政府-市场”均衡治理范式。通过课题研究，采用顶层设计、模拟仿真和实证检验等方法，探索盈余管理对股票市场流动性风险溢出效应的动力机制及演进规律，为完善盈余管理治理理论、有效规避投资者投资风险、防范股票市场流动性危机等提供新思路和新方法。